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SPARC converts FCCBs

Mumbai, Dec. 31

Sun Pharma Advanced Research Company Ltd has informed the BSE that pursuant to clause 10.2 of the Scheme of Arrangement for demerger sanctioned by the High court of Gujarat vide its order dated March 1, 2007 issued on March 28, 2007 and as per the Supplementary Trust Deed dated May 18, 2007, entered into by the company with Sun Pharmaceutical Industries Ltd (SPIL) and Citicorp Trustee Co. Ltd, the foreign currency convertible bond holders of Sun Pharmaceutical Industries Ltd (SPIL), are entitle d to one equity share of Re 1 each for every share of Rs 5 each of SPIL allotted to them on exercise of conversion option of Foreign Currency Convertible Bonds (FCCBs) of $1,000 each held by them. Accordingly, the Committee of Directors (Allotment) of the company at its meeting held on December 29 allotted 3,39,439 equity shares of Re 1 each to the bondholders of SPIL upon exercise of option of conversion for 5,500 Zero Coupon FCCBs of $1,000 each of SPIL held by them. - Our Bureau

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